A guarantee which is given for only one transaction or debt, the guarantee is known as a Specific Guarantee. A specific guarantee is said to be discharged when the debt is repaid or the promise is performed.
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Interesting Questions
Before signing, think about the risks involved. Make sure you understand what you’re getting into, as it could hold you accountable if things don’t go as planned. Better safe than sorry!
Yes, it can be revoked, but there are usually limitations and conditions around it. It's not as simple as flipping a switch; you'd need to follow the right steps.
Typically, a specific guaranty lasts until the obligation is fulfilled or the agreement states otherwise. It’s like a light switch that stays on until the job's done!
Yes, there are! Specific guaranties can vary based on the agreement but generally focus on particular debts or obligations. Think of them as tailored contracts for unique situations.
Having a specific guaranty can make securing loans easier. It shows lenders that there’s someone with ‘skin in the game’ who’s willing to step in if things go awry.
Often, businesses or individuals seeking loans may need a specific guaranty. It's like a safety net that gives lenders peace of mind.